Specific subcategories:
ADV Part II
Completeness Check
Schedule A/B
General
1. Will I receive any type of notification or reminder when my next filing is due?
Although firms are responsible for maintaining their own filing calendars, system functionality is available to assist SEC registrants with certain filings. To take advantage of the system’s email alert and reminder function, an adviser must supply the email address of its contact employee in Item 1.J.of Form ADV Part 1A; and the contact employee must confirm the email address by responding to the confirmation request sent by IARD. SEC-registered investment advisers will then receive email reminders of certain filing deadlines as well as email notices of SEC regulatory and compliance information. For filing guidance, firms should review the General Instructions to Form ADV and the Frequently Asked Questions on Form ADV, available on the SEC website.
2. How far in advance can I create my Annual Update Amendment prior to my fiscal year end?
You can create your annual amendment 60 days prior to the end of the fiscal year. It can be maintained in IARD as a "Pending" filing. Note, you will not be able to submit the filing prior to the fiscal year end.
3. When I attempt to amend my Form ADV Part 1 in IARD and I select "Pending," why isn't my most recently filed Form ADV showing up?
"Pending" stores unfinished draft filings, not submitted filings. When you select "Pending," you retrieve a draft filing that you started working on, did not finish and saved for completion at a later time. IARD allows you to store an uncompleted filing for up to 120 days so you can continue completing it without having to start from scratch with a new filing. If you have not started a new filing and saved it to work on later, nothing will show up when you click on "Pending."
Select "New Filing" if you want to begin the process of amending your Form ADV Part 1. A new Form ADV Part 1 pre-populated with the last information you filed will appear on your screen. You then can amend any item in Part 1 that requires updating and select "Submit" to file your amendment.
If you just want to view your last filed Form ADV, select "Historical."
4. As IARD now permits submission of Part 2 of the Form ADV, what is my firm's obligation with respect to filing Part 2 and where can I get additional information?
SEC-registered advisers: The SEC requires that SEC-registered advisers file Part 2 of Form ADV electronically through IARD. While the SEC does not require that SEC-registered advisers file brochure supplements through IARD, it does require that they preserve a copy of the supplements and make them available to SEC staff upon request.
State-registered advisers: All states will accept Part 2 through IARD. Some states may require you to file Part 2 through IARD. If you are uncertain whether your state requires submission via IARD, please contact the state securities regulator directly. Their numbers are available on the NASAA website.
Additional information regarding system functionality can be found in the ADV Part 2 Navigation Guide or on the NASAA website.
5. In what format should Part 2 of Form ADV be submitted?
Part 1 of Form ADV will need to be completed electronically on IARD. Part 2 of Form ADV may be submitted via IARD as a text-searchable PDF attachment to the Form ADV filing or, if permitted, by mail in hardcopy form to any regulators that require a Part 2 submission.
6. How long does a filing remain "pending" in IARD?
Your "pending" Form ADV and Form ADV-W filings will remain "pending" in IARD for a period of 120 calendar days. If they are not submitted during that timeframe, the system will automatically delete them after they reach their expiration date. It is important to review your pending filings on a regular basis to ensure that they are completed and submitted within a 120-day period of time from the date of creation. This will ensure that all pending filings that you wish to submit are not systematically deleted as a result of their 120-day "pending" filing status. You can retrieve your pending filings by:
- Selecting the Forms Tab
- Selecting a filing type tab (ADV or ADV-W)
- Selecting the Pending Tab.
7. I mistakenly chose 'Annual Amendment' as my filing type and have already entered quite a bit of data. Is it possible to switch my filing type to an 'Other Than Annual Amendment' and still retain the data that I have entered?
No. Once you have selected a filing type, it is not possible to switch the filing type and still retain the data. You have two options. You can delete the filing and begin a new filing with the correct filing type chosen and reenter the data. If you choose to delete the incorrect filing, it may help to print it out first for reference when you reenter the data. The other option is to complete and submit the filing with the incorrect filing type and then immediately complete and submit an Other Than Annual Amendment. By choosing this second option, you will not have to reenter data since your Form ADV will pre-populate; however, you may want to check whether any additional fees will apply.
8. I previously filed my firm's Form ADV through IARD and it is not yet time to file my annual updating amendment. When must I amend my Form ADV in between annual updating amendments, and how do I amend my Form ADV to reflect changes?
You must review Item 4 of the Form ADV General Instructions to determine when you must amend your Form ADV. View the General Instructions. To amend your Form ADV, you must take the following steps:
- Log onto IARD and in the Forms section choose ADV New Filing.
- Select the filing type: Submit an Other-than-Annual Amendment.
- You can now begin to enter the appropriate information on the Form ADV. When you have finished amending your Form ADV, complete the appropriate Execution Page, run the completeness check, correct any completeness errors and submit the filing. No processing fees are charged for Other-than-Annual Amendments (although state fees may be charged if a new Notice Filing or State Registration is selected).
- For a more detailed discussion of how to file an Other-than-Annual Amendment to Form ADV, see the Form ADV Quick Reference Guide.
9. IARD pre-populates our firm's full legal name in Section B when that field should be blank, since it's not a different name from Section A. Is it okay to leave the pre-populated information?
Yes. It is okay to have the same name in both fields. It simply tells us that your firm is not operating under two different names.
10. Where can I retrieve a blank hard copy of the Form ADV?
Your firm can download and then print a hard copy of the Form ADV from the SEC's website.
11. I need to provide my firm's details for other businesses in Item 6, but it isn't listed on Schedule D. Where can I find it?
The other business details should be listed in the box directly under Item 6B(2).
12. How do I delete filings or DRPs?
Filings and DRPs cannot be deleted after you have submitted to IARD. You can delete a pending filing, by selecting "pending filings" and then selecting "delete".
You can also delete a DRP if you created it as part of a pending filing and you have not yet submitted the filing. To delete the DRP, open the pending filing, select and view the appropriate DRP and select "delete" at the bottom of the page. Remember, once you have submitted a filing or a DRP, you cannot delete it.
13. What do the Exact or Explanation Date radio buttons mean on the Disclosure Reporting Pages (DRPs)?
Where indicated on the DRPs, the date fields will require the user to enter a date and indicate if the date is an exact date or an approximation of the date on which the event occurred. If the date is an approximation of the date, enter the approximate date in the format MM/DD/YYYY in the date field, mark the radio button titled 'Explanation,' and provide an explanation in the text block. If the exact date is known, enter the date and mark the exact radio button.
14. How do I create a direct owner?
You can create a new direct owner in an amendment to your Form ADV. Select SCHEDULE A/C DIRECT OWNERS/ EXECUTIVE OFFICERS in the navigation panel and select the appropriate owner type - "New Individual" (a person) or "New Entity" (a company). If you select "New Individual," IARD will allow you to search to see if the individual already has a CRD record. If he or she does have a CRD record, his or her name will be displayed. Select the name to open the screen that allows you to enter the schedule information. If no CRD record is found, select the "Create Individual" button to assign the individual a CRD number and open the schedule information screen.
For more information, please see the section of this FAQ dedicated to Schedule A/B.
15. Should titles (i.e., Mr., Ms., etc.) be captured in any of the name fields on the uniform forms?
When creating an individual and inputting the individual's name, DO NOT use titles such as Mr., Mrs., Ms., etc. in any of the name fields. As IARD cannot perform a completeness check on these fields since they are free text fields, the titles are being stored as part of the name itself, which can prevent or delay a match when a name search is performed.
16. How do I change the name of my firm?
You can change the name of your firm by completing the following steps:
- Select ADV, new filing on the site.
- Click on SUBMIT AN OTHER-THAN-ANNUAL AMENDMENT or SUBMIT AN ANNUAL UPDATING AMENDMENT (only if this filing is going to include the firm's annual updated information and the filing is done within 90 days after the firm s fiscal year end).
- Select ITEM 1 - IDENTIFYING INFORMATION on the navigation panel.
- Put a check in the box under ITEM C indicating whether this is going to be a change to the firm's legal name and/or primary business name.
- Type in the new name and press the SAVE button.
- Complete the appropriate execution page(s) and select the SAVE button.
- Click on SUBMIT FILING on left hand navigation panel.
17. How can I print my ADV after it is submitted?
From "View Organization," select "Filing History" to view previously submitted filings. Select the filing ID you want to print. When the new window opens, select "View By Pages," then "All Pages," and then select the printer icon located on the top right corner. The print window will display. Select 'Print.'
18. How do I convert my firm from being state-registered to being SEC-registered or vice versa? When do I submit my partial ADV-W?
Converting from an SEC-registered adviser to a state-registered adviser
To convert from being SEC-registered to being state-registered, submit the filing type "Apply for registration as an investment adviser with one or more states." After your state registration has been approved, then you can file a "Partial ADV-W" to withdraw your SEC registration. Note: Do not file your Partial ADV-W until your state registration application(s) are approved or you will be unregistered and may be unable to conduct your business during this period of time.
Converting from a state registered adviser to an SEC-registered adviser
To convert from being state-registered to being SEC-registered, submit the filing type "Apply for registration as an investment adviser with the SEC." After your registration with the SEC has been approved, then you can file a "Partial ADV-W" to withdraw your state registration(s). Note: Do not file your Partial ADV-W until your SEC registration application has been approved or you will be unregistered and may be unable to conduct your business during this period of time.
19. How do I know which states I'm registered in?
After you have submitted your Form ADV in IARD, you can select "Registration Status" under "View Organization" to view the states in which you are registered and the status of each registration. See the IARD View Organization Quick Reference Guide for more information.
20. Why would Part 1B show up when the Form ADV is printed but not on IARD when I'm completing the electronic Form ADV?
Part 1B is a portion of the Form ADV, which is only required of a state-registered IA firm. If your firm is SEC-registered only, you would not be required to answer Part 1B, and it will not appear while you are filing your Form ADV on IARD.
ADV Part II
See the Form ADV Part 2 Instructions and Form ADV Part 2 Quick Reference Guide for additional information.
1. Do firm users need entitlement to file Part 2 of Form ADV in IARD?
In order to file Part 2 of Form ADV, the user must have entitlement to submit Forms ADV and ADV-W. There is no additional ADV Part 2 entitlement for firm users.
2. Is my firm required to file Part 2 of Form ADV through IARD?
For policy questions related to Form ADV, firms should contact the regulator(s) directly. A list of jurisdiction regulators can be found at www.nasaa.org.
Note to SEC-registered advisers: The SEC requires that SEC-registered advisers file Part 2 of Form ADV electronically through IARD. See Rules 203-1(b)(2), 204-1(c) and 204-3 of the Investment Advisers Act for details of your legal obligations concerning Part 2 of Form ADV.
3. What information should I include in my brochure?
For questions related to the contents of brochures, firms should contact the regulator(s) directly. SEC-registered advisers may contact the SEC by email. A list of jurisdiction regulators can be found at www.nasaa.org.
4. Is ADV Part 2 a separate form in IARD?
No, Part 2 is simply the second part of Form ADV (i.e. Part 1) and can be accessed by opening a Form ADV filing.
5. What are the requirements for a brochure to be successfully uploaded?
In order to be successfully uploaded, brochures must:
- Be in PDF format
- Be text-searchable
- Contain at least 50 words
- Not contain any document security (such as passwords)
6. How do I know if my brochure is text-searchable?
To test if your brochure is text-searchable:
- Open the PDF file
- Click Edit from the Tool Bar
- Click Find from the menu options
- Search for a word in the document
If you are able to perform a word search, the document is text-searchable.
7. Can I amend the Brochure Name, Brochure Description and Types of Business on a brochure filing without attaching a new version of the brochure?
No. A new brochure attachment is required if the brochure metadata (i.e. Brochure Name, Description, and Brochure Type) is changed.
8. I've created a new brochure on a Part 2 filing by entering the Brochure Name, Brochure Description and Type of Business but I do not see a button to upload the brochure. Where should I click to upload my document?
The system will prompt you to upload the new brochure after you click the Submit Filing hyperlink in the navigation panel.
9. If you retire a brochure can you change the brochure description?
No. Firms cannot amend a brochure after it has been retired. If the firm wants to retire a brochure but they have changes, they must amend the brochure first then retire it.
10. Will retired brochures display on IAPD?
Retired brochures will not display in IAPD. However, retired brochures will display in IARD.
11. I am trying to perform a Brochure Search by entering Brochure Name in the search criteria. However, the results do not contain the brochure I am searching for. Why?
The Brochure Search functionality only searches for content within a brochure. The Brochure Name and Brochure Description are not included as search criteria. Your search criteria should consist of a word or phrase found within the brochure content.
12. I recently uploaded a new brochure; however, my firm’s record on IAPD still shows the previous version. Why is that?
Some states require a new brochure to be reviewed prior to being available on IAPD; see the IA Firm State Registration/Notice Filing Fee Schedule for current brochure setting information. These brochures will have a status of “Pending” in IARD. Please contact your state with questions about the status of any “Pending” brochures.
Completeness Check
1. How can I easily print the Completeness Check Results Screen?
While displaying the Completeness Check Results Screen, select the printer icon from the upper-right-hand corner of the screen and select 'Print.'
Use the printed page to go to the appropriate screen to add or correct data without having to navigate back to the Completeness Check Results Screen.
2. I am receiving a Completeness Check error advising me to answer "Yes" to Item 10 regarding control persons, but our firm doesn't have any. What happened and how can this be resolved?
You may have inadvertently created a control person and if that is the case you will need to delete that entry. First, return to Item 10 and scroll down the page to verify if a control person was created. If a control person was created, click on the edit button and then select the delete button. Once completed, you should be able to run the Completeness Check again to verify that the error has been resolved.
3. I am receiving a Completeness Check error regarding a linked DRP; however, when I return to the DRP, it is blank. How can I retrieve this information so that I may correct the error?
If a DRP has been linked from the BD to the IA, it would not be blank. You may have inadvertently created a new DRP by mistake. To correct this, return to the DRP list and check the IA DRP's that have an "Edit" hyperlink and verify if any DRPs are blank. Delete any DRPs that are blank and this should correct the error.
4. My firm is SEC-registered only but I am receiving Completeness Check errors prompting me to complete Part 1B, which only applies to state-registered firms. What happened and what should I do?
You may have inadvertently selected "Initial State Registration" instead of "Initial SEC Registration" when selecting your Form ADV type.
If you selected "Initial State Registration" by mistake, and have not yet submitted Part 1A, then you can delete the pending filing and begin a new filing for "Initial SEC Registration." If you have already submitted Part 1A as seeking "Initial State Registration," then you should contact those states to request they reset your firm's registration status.
5. I am receiving Completeness Check errors that I do not recognize. Why is that?
IARD has regular software releases to deploy enhanced features and/or bug fixes. It may be that a Completeness Check was added or modified in a recent software release. Recent software releases and their impacts are detailed in the release notes posted on the System Updates page.
Schedule A/B
1. How do I remove a person from Schedule A or B?
The first sentence that will appear on an existing control person's record is: "Check here to terminate this Owner." To remove a person from Schedule A or B, check the Check Box next to this sentence and click "Save" to submit the change. Keep in mind that there must be at least one direct owner on Schedule A at all times.
2. How do I create a Schedule A & B entry when the owner/officer is an individual?
Follow these steps:
- Select the "New Individual" button.
- Enter identifying information in the individual search screen.
- The system will search for matches to the search criteria provided.
- Make sure the Social Security Number, CRD Number, or Name you enter for the search is correct, so that you do not create a new individual record for an existing individual by mistake.
- If the individual doesn't already exist on the system, it will be created.
- If one or more matches are found, each will be shown in a list and one may be selected by clicking on the individual name.
- Enter the other schedule information.
3. How do I create a Schedule A & B entry when the owner/officer is an entity?
Follow these steps:
- Select the "New Entity" button.
- Enter the required schedule information.
- When the filer has entered and saved the information, the information can be viewed in the format of the form schedule using the "Print Preview" function.
4. I need to list a foreign entity on Schedule A or B, but it does not have an IRS Tax Number or an Employer ID Number. What should I do?
You should type 'Foreign Entity' in the data field box that requests a CRD Number and select the “Employer ID” radio button. IARD will accept this as a response.
5. I need to list a trust on Schedule A or B, but the trust does not have a CRD Number. What should I use as the identification number for the trust?
You should use its IRS Tax Number.
6. Is it possible for me to submit a Form ADV without Schedule A?
No. It is not possible to submit a filing without this information. You will receive a Completeness Check error advising you to complete Schedule A.